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Babacan says any economic tremor in Europe will be felt in Turkey

14 July 2011 [12:00] - TODAY.AZ
Turkey's deputy prime minister said on Wednesday that any economic tremor in Europe would be felt in Turkey.

Ali Babacan said economy management had instructed all related institutions to get ready for the worst scenario for the last three months.

"All institutions have made preparations against the worst scenario but any serious tremor in Europe will be felt in Turkey," Babacan told reporters regarding recent economic developments in Europe.

Babacan's remarks came after debt crisis in Euro zone.

The minister said all risk indicators had a record rise in Europe last night.

"What is important is to prevent such a tremor to cause a destruction, and to enable Turkish economy to get shaken by a minor tremor and then to make it stand firm on its feet," Babacan also said.

On Monday, European Union (EU) member states' economy and finance ministers met in Brussels, Belgium to discuss a new recovery package for Greece and measures aiming to prevent spread of debt crisis within Europe.

There are signals that ongoing political instability in Italy, the second country with the highest public debt burden in Euro zone following Greece, can trigger economic crisis.

Therefore, the ministers agreed to use new instruments to prevent spread of the debt crisis to countries including Italy and Spain.


/World Bulletin/
URL: http://www.today.az/news/regions/90367.html

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